Reconciliation preparation

You always strive for speed, accuracy and control in the monthly close process. What’s not in your job description is the need to police every task and procedure – and track down documents along the way.

The beauty of BALANCER is that you get a fully digitized reconciliation system with a clear, transparent overview of all key tasks. The result? Total control directly from your desktop.

Watch how a preparation can be done

Click on the side arrows and move to the next slide to follow the preparation flow.

Open new period and define milestone

Start with the big picture. As a new reconciliation period gets under way, create a plan for the entire process including all relevant milestones. When do the reconciled balances carried down have to be reported? Are there any holidays or events that should be taken into account? Is the responsible person ill or away from the office? Once a proper plan and timeline are established, milestone due dates can be set.

Fast-track high-risk accounts

With BALANCER, you can prioritize high-risk or key accounts so that each colleague is aware of those that are most critical. All eyes are focused on reducing risk, ready to handle issues as they arise, leaving low-risk and non-key accounts to be handled as time allows.

Fast, easy reconciliation preparation with:

Defined milestones

Risk tagging and prioritization of accounts

Automatic reconciliation of low-risk and non-key accounts

Easy document upload

Automatic reconciliation

Accounts can be reconciled automatically based on pre-defined business rules. This includes many low-risk and non-key accounts – such as those with no postings, and those with a specific type
of transaction. If no errors are found within a defined deviation, BALANCER automatically
reconciles these accounts. As soon as the automatic reconciliation is finished, all staff members are automatically notified that their reconciliation work should begin.

Reconciliation preparation

Each preparer simply logs in to see the accounts they’re responsible for, prioritized according to risk. Every account contains the relevant reconciliation policies, procedures and supporting document criteria defined by your organization. This ensures that all important guidelines and documents are in place for reference – exactly where and when they’re needed.

Easy document upload

All supporting documents – including journal entries and information on outstanding items – can be easily uploaded to BALANCER. Once uploaded, they’re digitally tied to the account throughout the process, complete with any detailed comments or explanations added by the preparer. No more lost or overwritten documentation. And no more binders full of scanned documents.

Electronic account certification

If the reconciliation has been carried out according to the policies and procedures for the account, it’s electronically signed off and certified by the preparer. Since this is done digitally, and through a secure log-in and connection, you can always track who did what, and when.